A 15-year fixed mortgage, as the name suggests, is a loan that you pay back within 15 years. While your monthly payments will be higher than any other type of mortgage loan, there are also some great benefits to enjoy! You’ll own your home outright in less time, your interest rates will be lower, and you’ll pay less interest overall.
When you partner with Loan Cabin to take out a 15-year fixed home loan, you’ll get:
If you get a 15-year home loan, you’ll be mortgage-free more quickly. You’ll build equity in your home that you can apply to a down payment on your next property.
Fixed loans, like the 15-year fixed mortgage, will always offer consistent monthly payments. This is great if you like to know what to expect when you pay the bills each month.
With a 15-year loan, you may have to buy a less-expensive home. Most likely, you’ll have to keep a tighter budget than you would if you’d opted for a longer mortgage repayment term.
If you’re in your 40’s or 50’s and want to pay off a new home before retirement, this might be for you. However, keep in mind that you’ll no longer be able to take a mortgage interest tax deduction if you pay your mortgage off before retirement.